Posts Tagged ‘big data’
by Danielle on June 27th, 2013 - Comments (0)
There’s no question that healthcare is an industry yearning for the advancements promised by Big Data analytics. Healthcare data is expected to grow between 1.2 to 2.4 exabytes per year — about 1,000 times the amount of data the human brain is capable of storing. This data is disparate and unstructured, making the extraction of useful information almost impossible. It is here that Big Data analytics promises to save the industry billions of dollars. This week Ricky Ribiero at Biz Tech Magazine joins the many voices investigating this trend. In his article, “Will Big Data Become the Big Savior of Health?” Ribiero illustrates how analytics can improve health outcomes and how tracking personal health, even down to the genome, can radically improve health. Ribiero cites a 2011 McKinsey & Co. report that states, “If US healthcare were to use big data creatively and effectively to drive efficiency and quality, the sector could create more than $300 billion in value every year.”
“While it’s true that analytics can reshape the way healthcare operates at an individual level,” Ribiero writes, “companies are hard at work trying to figure out how to leverage Big Data to improve health at the population level, too.”
Involution’s hGraph, an open-source visualization for health data, and other Big Data analytics have already begun to be integrated into corporate clinics, where population sizes are more controlled. However, it’s hospitals, labs and doctors’ offices where analytics could do the most good. In health, speed counts. And tools with good visualization provide clinicians with quick, actionable data that can save lives.
by Jon on April 29th, 2012 - Comments (0)
Massachusetts has the dubious distinction of spending the most money on healthcare per person of anywhere in the world. At the Mass Technology Leadership Council healthcare community meeting on Tuesday, April 24, “The Need for Technology Solutions for Providers Under Payment Reform”, held at WilmerHale in Waltham, MA, keynote speaker Sarah Iselin, President of the Blue Cross Blue Shield of Massachusetts Foundation, reviewed some of the startling facts and figures related to healthcare coverage and costs, such as this one.
While the initial round of Massachusetts healthcare insurance reform that took place in 2006, focused exclusively on solving the problem of accessibility and insurance coverage and has been largely successful in that respect, health care cost containment remains a huge issue. Independent analysis of Massachusetts health care reform shows that the associated increase in costs amounts to 1.4% of the total state budget. While this figure far from the “train wreck” of skyrocketing health insurance fees touted by some national media like the Wall Street Journal, the fact remains that in this decade our total personal health care expenditures will double; a frightening prospect to say the least.
In 2009, the Special Commission on Payment and Reform, composed of industry and non-profit group representatives, addressed the issue that the current fee-for-service model does not give the proper financial incentives to providers for health care outcomes. The Commission unanimously recommended a framework for global payments made to a group of providers for all care related to a patient. The global payment model is meant to ensure that providers are not only accountable to and coordinated with both each other and the patient, but also rewarded for delivering the right kind of care. Since global payments are tied to patient treatment outcomes, the test intensive, isolated, “defensive medicine” approach that a fee-for-service model can engender, is rendered obsolete.
The panel which followed Iselin’s presentation on payment reform, was comprised of a diverse mix of technologists, strategists and practitioners from organizations including CA Technologies, Mount Auburn Hospital, Veritas Health Solutions, and Kyruss. In the discussion that ensued, the unifying thread was that an innovative approach to total patient care was soon to become a necessity for both better health outcomes and cost containment.
Dr. Puneet Batra, Chief Data Scientist at Kyruus, a data and analytics startup focused on optimizing resource allocation in healthcare, discussed the benefits of big data analytics increasing both the personalization and accuracy of health care services. Frank Calderaro of CA Technologies, further expanded on the theme of health care personalization, contending that the combination of universal connectivity, mobility, and big data provided an opportunity for providers to accumulate data not just from a visit to the clinic or doctor’s office or hospital, but from the person’s daily life in a true 360 degree health assessment. Dr. Gary Goldsmith, Medical informatics Specialist for Mount Auburn Hospital addressed the topic of the sea of information that threatened to overwhelm providers, and emphasized the need for efficiencies in data collection and presentation. And Dr. Steven Locke of Veritas Health Solutions talked about using data and treatment efficiencies to facilitate cost reductions via better and earlier diagnosis of chronic illnesses, specifically depression.
Massachusetts continues to be a laboratory for health care reform; if we can combine forward thinking policy initiatives for cost containment with the realization of the potential efficiencies, personalization, and improved outcomes offered by the health care technology industry, we may provide a model worthy of imitation and adoption as Health Reform 2.0 takes shape.
by Jon on March 17th, 2012
A few hours ago GigaOm published an article declaring “Marketing is the next big money sector in technology”. In the first paragraph, the author, Ajay Agarwal of Bain Capital Ventures, sets up the future of the industry this way: “For the first time in history, businesses can leverage big data for the benefit of driving marketing insights. We are […]
by Jon on February 16th, 2012
The Mass Technology Leadership Council held its annual Big Data Summit yesterday at the Microsoft New England Research and Development Center in Cambridge, MA. The sold out event was attended by a broad cross-section of the Boston tech community with engineers, designers, venture capitalists and business managers all coming together to discuss the future of Big Data in […]